Santander Edge Savings 12 months bonus up

FataVerde

My 12 months on the bonus Santander rate of 6% is coming up. I opened the account on 16 April 2025 and received the first interest on 17 May 2025. From what I remember, you can only have 2 Santander Edge Savings accounts so I plan to close these two accounts and open two new Santander accounts with the 6%. Is this how I should go about this? And should I close the accounts on the 17th May or before 16th of April 2026?

danny13579

The easiest way is to just request closure of the Saver via Sandi (can all be done over the chatbot) and once closed a few days later open a new one.

Your final interest payment will be on 16th April, the anniversary of you opening the account so you can just close it then. You can manually move any funds to another account until it is closed or you can nominate that Santander do this when the old Saver is closed. Then just open a new one and move the funds into it.

There are other ways it can be done but I think the above is the easiest.

flaneurs_lobster

Just to mention that the closure can take a week to be actioned.

ThePirates

I did one of mine mine 2 weeks ago, took 3 days to close, then when I opened a new one it was same day.

FataVerde

https://forums.moneysavingexpert.com/discussion/comment/81951966#Comment_81951966

This is so useful to know. Thank you for taking the time to explain.

friolento

You don’t have to wait until your 12 months are up. You can request closure anytime, and you will get paid all remaining accrued interest right up to closure date. I requested my closure via Sandi a week before the end of my 12 months, so had a near seamless transition to the new Edge savers.